New Delhi: GST Council at its meeting tomorrow will finalise the rules regarding registration, refunds and payment and also take a view on exemption of goods under the upcoming Goods and Services Tax (GST) regime.
To be chaired by Union Finance Minister Arun Jaitley, the Council will also deliberate on a formula for payment of compensation to states for revenue loss in the aftermath of implementation of the GST.
“Tomorrow’s meeting is likely to finalise on the rules on GST. Also, a presentation will be made by the officials on compensation,” an official said.
While 2015-16 will be the base year for calculating revenue compensation to states for any loss of receipts arising from rollout of GST, the final methodology will be worked out in next meetings, the official added.
At the last meeting of the council, four alternatives came up for discussion for compensating states for loss of revenue after implementation of the GST.